Protecting the Elderly from Financial Abuse
Understand the many forms financial exploitation takes and effective ways to address.
According the American Bankers Association, millions of seniors fall victim to financial fraud. Studies show that elder financial abuse costs seniors approximately $2.9 billion each year.
The following tips are shared to help protect customers from financial abuse, particularly elderly customers and their caregivers:
- Plan ahead to protect your assets and to ensure your wishes are followed. Talk to someone at your financial institution, an attorney, or financial advisor about the best options for you.
- Carefully choose a trustworthy person to act as your agent in all estate-planning matters.
- Lock up your checkbook, account statements and other sensitive information when others will be in your home.
- Never give personal information, including your Social Security Number, account number or other financial information to anyone over the phone unless you initiated the call and the other party is trusted.
- Never rush into a financial decision. Ask for details in writing and get a second opinion.
- Consult with a financial advisor or attorney before signing any document you don’t understand.
- Get to know your banker and build a relationship with the people who handle your finances. They can look out for any suspicious activity related to your account.
- Check references and credentials before hiring anyone. Don’t allow workers to have access to information about your finances.
- Pay with checks and credit cards instead of cash to keep a paper trail.
- You have the right not to be threatened or intimidated. If you think someone close to you is trying to take control of your finances, call your local Adult Protective Services or tell someone at your bank.
If you believe you are a victim of financial abuse, be sure to:
- Talk to a trusted family member who has your best interests at heart, or to your clergy.
- Talk to your attorney, doctor or an officer at your bank.
- Contact Adult Protective Services in your state or your local police for help.
- Local Police should first be called if a customer appears to be in immediate physical or financial danger (911).
For more information on Elder Abuse Awareness please visit: